Visions - July 2007Click a headline below to view articles:
Identity Theft Down2007 Javelin Survey Report Reveals Latest Fraud TrendsIn an exclusive June 13th webcast for PSCU Financial Services member-owners and special guests, Javelin Strategy & Research presented findings from its 2007 Identity Fraud Survey, which revealed some good news and a few surprises. Here is a summary of key findings: Identity fraud dropped by $6.4 billion. Identity fraud is dropping in the U.S., with 500,000 fewer victims than the previous year. Online account monitoring continues to provide faster detection. Fraudulent new accounts are down by 1/3. There are fewer fraudulent new account openings than in the previous year’s study and average fraud amounts also dropped significantly. Young adults are at the greatest risk for identity fraud. Young adults are at the greatest risk because they are the least likely to use safeguards such as antivirus software and firewalls or shredding of paper documents. Young adults (18-24 years old) were the most likely to have suffered a fraud incident in last 12 months. And a greater percentage of known perpetrators for this age group were friends, neighbors or in-home employees. There is a fraud detection digital divide. High-income Americans are more than twice as likely to be victimized than low-income Americans, but the latter group take the longest to uncover fraud when it happens. The highest income group responds to fraud by turning off paper documents and monitoring accounts online with greater frequency. Those with lower incomes respond to fraud by spending less money and avoiding online purchases and online banking. This study also supports previous data that fraudsters prefer mailboxes over trash cans and known theft from the mail is equivalent to fraud from viruses, spyware and hackers. While data breaches are not uncommon, actual losses are very small. Looking ahead to 2008The study also looked at the future and made the following predictions:
For more information about current fraud statistics and what your credit union can do to prevent fraud, a transcription of this presentation is available on MemberConnect. TopGreat Rates, Great Rewards Yield Great (43%) GainsFrom dormant to dynamic in just one year. That’s what happened to the credit card portfolio at Community First Credit Union of Appleton, Wis. Just a year after they began promoting and actively managing their credit card program, outstanding balances were up by 43 percent, as the credit union achieved a 32% increase in purchases and interest income gain of 23%.
“Credit unions that invest in their credit card portfolios can successfully compete with national card issuers because members prefer to use our plastics if we offer an attractive package,” said Cathie Tierney, Community First’s President and CEO. “We made a modest investment in our credit program and achieved dramatic results. We have to share credit with the AdvisorsPlus™ specialists who played a vital role in our success. They have an extremely well-designed program that is built upon years of experience with credit unions nationwide.” The credit union reorganized its portfolio into Platinum Visa and MasterCard accounts. Members were notified by direct mail that they could be automatically enrolled in a “Great Rate” Platinum card that offered 8.99% interest or select a “Great Rewards” Platinum card with a 10.99% rate that offered the popular CURewards™ program from PSCU Financial Services. From March 2006 to March 2007, the credit union boosted credit balances from $9.91 million to $14.16 million and saw purchases rise from $2.21 million to $2.92 million. The credit union continues to work with AdvisorsPlus and now offers risk-based lending, automatic credit line increases, and new promotions designed to pursue additional gains. “We are just starting to realize the full potential of our credit card portfolio,” notes Tierney. In addition to branch and online promotional activities, the credit union conducted periodic employee competitions. A team of employees recently split a $1,500 cash prize for bringing in the highest number Imagine the PossibilitiesLoyalty programs work! Enroll in CURewards™ by July 31, 2007
Pursuing the ‘Wow!’ Factor with Contact Center QualityIn his book The Pursuit of Wow, author Tom Peters talks about the two main things that companies known for delivering excellent service do PSCU Financial Services believes that high quality interactions with credit union members are essential to strengthening the relationship a That’s why our contact centers in Phoenix and St. Petersburg place PSCU Financial Services’ Quality Assurance representatives and their supervisor are tenured employees with experience in all areas of payment card and bill payment subscriber service. “Our philosophy is to cultivate a universal QA rep, one that can successfully perform QA across numerous functional areas within the organization, such as the contact center, disputes, collections, and fraud,” said Auddi Diaz, Director of Relationship Management and Quality Assurance. “We evaluate our reps across multiple categories, including the greeting, adherence to the credit union’s authentication protocol, etiquette, their ability to manage information during the call, and the closing of the call,” said Linda Sever, Manager, QA Department. Recorded calls are graded and reviewed by contact center supervisors. Opportunities are identified for refresher training to keep the representatives on top of their games. Quality review scores are also the basis for some friendly competitive rivalry among contact center work groups. “Each group wants to While the primary mission of the representatives is to provide the correct information and responses to member requests, an equally “The best kind of feedback we can get is when a mystery shopper reports on our representatives and tells us ‘they are helpful, friendly, timely and knowledgeable. I can almost hear the smile on their faces.’ That’s when we know we’re giving ‘WOW!’ type service.” 2007 Member Forum Gets High MarksSurveys of almost 200 attendees indicate that this year’s Member
Members reported they enjoyed the “Revolutionary Leadership” theme and the combination of educational and motivational speakers. Other
Make plans now to attend the 2008 Member Forum on California’s
Back Row from left to right: Martin Ferreira, PSCU Debit Services; Sonia Turner, LA Federal CU (CA); Norm Patrick, PSCU Strategic Consultant; Connie Monroe, Fort Financial FCU (IN); Sheryl Dietrich, WESTconsin CU (WI); Joe Haddon, Dominion CU (VA); Karen Kane, NuUnion CU (MI); Vladimir Jovanovic, PSCU Debit Services. Middle Row from left to right: Larry Jones, ORNL FCU (TN); Wendy Nolan, PSCU Debit Services; Ron Silvia, PSCU Debit Services; John Stegner, Y-12 FCU (TN); Jodi Harner, PSECU (PA); Debbi Bittner, CEFCU (IL). Front Row from left to right: Jeanie Hall, Water & Power Community CU (CA); Mary Isaccs, Altra FCU (WI); Kim Dean, DuPont Community CU (VA); Elizabeth Fee, Citadel FCU (PA). Not Pictured: Nancy Hannah, Arrowhead Credit Union (CA); Steve Scarella, Teacher FCU (MN) Debit Advisors Lend CounselThe Debit Product & Services Advisory Group plays an integral role in providing direction and recommendations for PSCU Financial Services’ debit and ATM solutions. The group, which celebrates its first anniversary in August 2007, benefits from the expertise of executives from 17 member credit unions of various asset sizes. Group members have focused on helping design the new Executive View and other statistical reports that deliver the information needed to efficiently assess a credit union’s debit portfolio. The group has also evaluated risk management techniques for the DebitAdvantage™ program. “I appreciate the opportunity to provide feedback on new products and the debit team’s willingness to follow up on action items identified by the Advisory Group. Having member input during product development will help ensure that new offerings match the needs of all the credit unions the cooperative serves,” said Advisory Group member, Mary Isaacs, Chief Financial Officer, Altra Federal Credit Union, Onalaska, WI. “The group looks at all aspects of the debit offering, ranging from daily operations and marketing to management reporting. Our efforts have already led to the development of user-friendly management reports that provide the data credit unions are looking for. Now we are looking at ways to enhance marketing campaigns for the debit portfolio,” said Joe Haddon, Senior Vice President, Dominion Credit Union, Richmond, VA. PSCU Financial Services has more than 200 credit unions issuing debit cards, representing nearly 7 million debit accounts. Michigan Educational CU Supports Innovative American History Program at 53 Local SchoolsGetting children excited about the fundamental principles of America’s democratic system is the goal. Electronic field trips where actors in period costumes re-enact major events in U.S. Colonial history is the vehicle.
“The response from teachers and students has been extremely positive. This is an excellent way for students to experience and enjoy American History while simultaneously learning the importance of the founding principles behind our system of government,” he said. These electronic field trips are interactive television and Internet events that bring the 18th Century to life for more than 1 million students annually in more than 3,500 schools nationwide. The Colonial Williamsburg Foundation produces seven monthly field trips during the school year. Each production is supported with dedicated websites, lesson plans, and other materials, including historical background, glossaries, time lines and booklets that help teachers make the best use of the programs. DVD presentations of these field trips are also available for classroom use anytime during the school year. More than 169 schools participate in educational field trips thanks to “We are extremely pleased with the programs produced by the Foundation and urge our credit unions to start or expand their sponsorship of this excellent educational programming,” Serlo said. “Since our economic freedoms have helped build the Member-owner credit unions are encouraged to promote these programs in their local schools and provide monies to fund participation. Each credit union contribution allows for a significant increase in the number of schools that are able to benefit from the teacher and student programs. Engage Local Schools In US HeritageThe Colonial Williamsburg Electronic Field Trips launches another new season of live interactive television broadcasts focusing on our American heritage beginning in October with an exploration of how history is written and reevaluated in “Jamestown Unearthed.” This first of seven live events begins a series of award winning and engaging programs with topics such as founders and traitors, slavery, the colonial economic system and museum conservation that will educate and inspire students and teachers alike throughout your service area. Supporting this initiative reaps educational and recognition rewards right in your hometown. The Emmy nominated programs are delivered into classrooms by partner PBS stations, cable operators and live streaming video via the Internet so that any school can participate in questioning Colonial Williamsburg historians, interpreters and even some familiar people such as Thomas Jefferson and Patrick Henry. Make History Come to Life
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Community First CU was seriously considering selling its portfolio when a consultant recommended they invest in it instead and predicted it would be their highest yielding loan product. That prediction came true, as the staff worked with AdvisorsPlus experts from PSCU Financial Services to breathe new life into its stagnant credit card program. 
Imagine the Possibilities is the fifth annual CURewards Sweepstakes that PSCU Financial Services has underwritten as part of the company’s continuing commitment to help credit unions build profitable, successful credit and debit programs. Aimed at making the most of the holiday shopping season, the Sweepstakes helps to build cardholder volume and retain top-of-wallet attention. Don’t delay, More than 200 credit unions use CURewards to boost activity and build outstandings. 
Michigan Educational Credit Union, Plymouth, Mich., sponsored award-winning electronic field trips created by The Colonial Williamsburg Foundation (CWF) for 53 schools in its community for the 2006-2007 school year and plans to continue its sponsorship for the coming year as well, according to Bob Sandercock, the credit union’s Vice President of Marketing. 